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Supply of Umbrellas
Price (dollars per umbrella) Quantity of Umbrellas Supplied
$120 5,000
100 4,000
80 3,000
60 2,000
40 1,000
20 0
a. Use the supply schedule to graph the supply curve.
Instructions: Use the tool provided 'Supply' to plot the line point by point (6 points total).
b. What is the quantity of umbrellas supplied if the market price is $60?
5,000 umbrellas
2,000 umbrellas
3,000 umbrellas
4,000 umbrellas
c. Suppose the market price rises from $60 per umbrella to $80 per umbrella.
The quantity of umbrellas supplied will increase Correctby 1,000 Correctumbrellas.
Explanation
a. Use the price and quantity pairs in the table and plot a point for each set. For example, plot one point at a price of $20 and a quantity of 0. Then plot a second point at a price of $40 and a quantity of 1,000. Continue to do this for each price and quantity pair listed in the table.
b. To find the quantity of umbrellas supplied if the market price is $60, you go down the price column of the table until you reach $60. Then in the "Quantity of Umbrellas Supplied" column, you find the quantity supplied at a price of $60, which is 2,000 umbrellas.
c. If the price increases from $60 to $80, you will need to find the quantity of umbrellas supplied at $60, which is 2,000 umbrellas, and the quantity of umbrellas supplied at $80, which is 3,000 umbrellas. Then you take the difference between these two quantities, which is 1,000 umbrellas. Because the price increased, producers will supply a larger quantity. Therefore, the quantity of umbrellas supplied will increase by 1,000 umbrellas.
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